Dhaka: Due to the increase in fuel prices in Bangladesh, the prices of food and other essential commodities have gone up which has left people in anger and despair and the country’s economy has come under severe pressure. At the same time, due to sharp criticism and opposition from the opposition, the pressure on Prime Minister Sheikh Hasina’s government has increased. In view of the demonstrations, Hasina has sought help from the International Monetary Fund (IMF) to ensure the economic security of the country. However, experts say that the situation in Bangladesh is not as serious as that of Sri Lanka.
Significantly, the economy in Sri Lanka is going through a serious crisis, due to widespread protests, the President has had to flee the country. At the same time people are facing acute shortage of food, fuel and medicines and are forced to stand in long queues for essential commodities. Bangladesh is also facing similar problems such as overspending on ambitious development projects, corruption, public anger over racism and trade imbalances. This is affecting the development of Bangladesh.
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Last month, the government hiked fuel prices by over 50 per cent to tackle rising costs due to high oil prices. From this other needs were also increasing as people started protesting. After this, the officials ordered the government dealers to sell rice and other essential commodities at low prices.
The country’s Commerce Minister Tipu Munshi said that about five crore people will be helped in the latest phase of the program which started from September 1. He said that the government has taken several measures to reduce the pressure on the low-income people. It is noteworthy that the war in Ukraine has increased the prices of many commodities while the impact of the Kovid-19 pandemic has eased and prices were rising earlier due to the improvement in demand. Meanwhile, the currencies of several countries such as Bangladesh, Sri Lanka and Laos have weakened against the dollar, raising the cost of importing oil and other commodities.
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tags: bangladesh, fuel price hike
First Published: 23 September 2022, 17:07 IST
